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Global activity is firming broadly as expected. Manufacturing and

Global activity is firming broadly as expected. Manufacturing and trade are picking up, confidence is improving, international financing

trade are picking up, confidence is improving, international financing conditions remain benign, and commodity prices are stabilizing.

conditions remain benign, and commodity prices are stabilizing. Growth in emerging market and developing economies (EMDEs) is set

Growth in emerging market and developing economies (EMDEs) is set to recover, as obstacles to growth in commodity exporters diminish,

to recover, as obstacles to growth in commodity exporters diminish, while activity in commodity importers remains robust. Risks to the

while activity in commodity importers remains robust. Risks to the global outlook remain tilted to the downside. These include increased

global outlook remain tilted to the downside. These include increased trade protectionism, elevated economic policy uncertainty, the

trade protectionism, elevated economic policy uncertainty, the possibility of financial market disruptions, and, over the longer term,

possibility of financial market disruptions, and, over the longer term, weaker potential growth. A policy priority for EMDEs is to rebuild

weaker potential growth. A policy priority for EMDEs is to rebuild monetary and fiscal space that could be drawn on were such risks

monetary and fiscal space that could be drawn on were such risks to materialize. Over the longer term, structural policies that support

to materialize. Over the longer term, structural policies that support investment and trade are critical to boost EMDE productivity and

investment and trade are critical to boost EMDE productivity and potential growth.

potential growth. In addition to discussing global and regional economic developments

In addition to discussing global and regional economic developments and prospects, this edition of Global Economic Prospects includes

and prospects, this edition of Global Economic Prospects includes two Special Focus essays of critical importance for emerging and

two Special Focus essays of critical importance for emerging and developing economies: an analysis of fiscal positions in EMDEs and a

developing economies: an analysis of fiscal positions in EMDEs and a deeper look at the type of firms most affected by post-crisis trade

deeper look at the type of firms most affected by post-crisis trade weakness.

weakness. Global Economic Prospects is a World Bank Group Flagship Report

Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with

that examines global economic developments and prospects, with a special focus on emerging market and developing countries,

a special focus on emerging market and developing countries, on a semiannual basis (in January and June). The January edition

on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these

includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

economies, while the June edition contains shorter analytical pieces.